Where cozy means tiny and charming means needs work.
A method of property distribution in estate planning where a deceased heir's share passes to their descendants rather than being redistributed. Latin for 'please don't fight over my stuff when I'm dead.'
A metric that pretends all square feet are created equal, whether they're in a penthouse or a basement. It's the real estate version of judging a book by counting the pages without reading any of them.
A final list of minor repairs or incomplete items that need addressing before closing on new construction. It's proof that even 'move-in ready' is aspirational.
A preliminary environmental assessment investigating a property's potential contamination history through records review and site inspection, without actually testing soil or water. It's due diligence for avoiding EPA superfund surprises.
A discrete unit of land that can be bought, sold, or taxed as a single entity—essentially real estate Legos that local governments use to organize property ownership. It's the official way of saying "this chunk of dirt is yours" with legal boundaries, documentation, and the inevitable property tax bill. Not to be confused with the thing Amazon drops on your doorstep.
A soil test measuring how quickly water drains, crucial for determining if a property can support a septic system. Dirt's resume for its ability to handle your wastewater.
A lawsuit filed by a co-owner to force the sale or physical division of jointly owned property when owners cannot agree on management or disposition. It's the legal sledgehammer for splitting property when co-ownership goes toxic.
Either a technical drawing showing how something is built or designed (especially buildings viewed from above), or a set of coordinated actions intended to achieve a goal. Real estate agents live by these; architects obsess over them.
When borrowed money produces a higher return than the interest cost, making you look like a financial genius. It's the Holy Grail of real estate investing: using other people's money to make more money than you're paying them.
A contractual provision allowing agents to market properties privately before hitting the MLS, theoretically to preserve privacy but occasionally to preserve the agent's double commission. The VIP room of real estate.
Insurance protecting the lender when you put down less than 20%, essentially punishing you for not being wealthy enough.
A designated parcel of land awaiting its destiny—whether that's a luxury condo, your aunt's garden, or the emotional arc of your favorite novel. In real estate, it's the canvas; in storytelling, it's the blueprint.
The legal principle determining which agent earned the commission by initiating the uninterrupted chain of events leading to a sale. The real estate version of 'I called it first.'
The extra compensation an agent receives when representing both buyer and seller, also called double-ending. Twice the work or twice the conflict of interest, depending on who you ask.
A lender's statement that you're probably creditworthy enough to borrow a mortgage, pending closer scrutiny.
The acquisition of property or title by paying money or equivalent value—the formal exchange where you stop dreaming and start owing payments. The moment your bank account cries.
A measure, substance, or action that stops something bad from happening before it does—the 'ounce of prevention' approach to life's problems. Think prophylactic maintenance: fix it now so you're not crying later.
A bossy word meaning based on rules or standards rather than what actually happens. In real estate law, it's the difference between 'this is how things should be done' versus 'this is how they're actually done'—very important for property rights and zoning regulations.
Physical real estate or a tangible asset; what real estate agents spend 40% of their time showing you while you check your phone. The business of convincing people that paying $500k for a shoebox is 'an investment.'